In Progress
Valuation
Market Cap
₹4,229.20 Cr
P/E Ratio
14.01x
P/B Ratio
4.47x
LCC Projects IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
LCC Projects Limited is a multidisciplinary engineering, procurement and construction (EPC) company in the irrigation and water supply projects segment from Gujarat. Over a period of two decades (including projects undertaken through the partnership firm prior to conversion to the Company), it has executed a wide range of projects such as construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes and other EPC projects. As a large corporate EPC company from Gujarat, it is poised to undertake infrastructure projects across twelve states in India. It has also executed a metro rail project and is executing a mining development project, and has set up a precast concrete manufacturing unit at Jaspur, Gujarat.
Lots & IPO Size
LCC Projects IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 102 | ₹14,892 |
| Retail (Max) | 13 | 1,326 | ₹1,93,596 |
| S-HNI (Min) | 14 | 1,428 | ₹2,08,488 |
| S-HNI (Max) | 67 | 6,834 | ₹9,97,764 |
| B-HNI (Min) | 68 | 6,936 | ₹10,12,656 |
Category Reservation
QIB 50%
NII 15%
Ret 35%
Employee
₹0.00
Shareholder
₹0.00
LCC Projects IPO Size
Total
₹427 Cr
Fresh Issue
₹258 Cr
(1.77 Cr
Shares)
Offer For Sale
₹169 Cr
(1.16 Cr
Shares)
Promoters₹169 Cr
Objects of the Issue
Purchase of equipment
Prepayment and/or repayment of certain outstanding borrowings availed by the Company
General Corporate Purposes
Total
Key Risk Factors
The Company may be unable to collect trade receivables on time or at all, which could adversely affect cash flows, results of operations and financial condition. Trade receivable turnover ratio has weakened to 10.20x in Fiscal 2026 from 14.35x in Fiscal 2025.
Key Risk Factors
The Company may be unable to collect trade receivables on time or at all, which could adversely affect cash flows, results of operations and financial condition. Trade receivable turnover ratio has weakened to 10.20x in Fiscal 2026 from 14.35x in Fiscal 2025.
The Company has contingent liabilities of ₹1,299.86 million (14.63% of net worth) as at March 31, 2026, which, if they materialise, may adversely affect its results of operations, cash flows and financial condition.
The Company's operations are conducted from premises leased from third parties. Inability to continue operating from such premises, or to seek renewal or extension of such leases, may adversely affect its business, operations and financial condition.
The Company has a significantly higher level of indebtedness and leverage (total debt of ₹8,606.54 million as at March 31, 2026) compared to its listed industry peers, which could increase financial risk and adversely affect operational flexibility and competitive position.
Revenue from the top ten customers comprised 72.30% of revenue from operations in Fiscal 2026 (84.10% in Fiscal 2025 and 82.76% in Fiscal 2024). Any failure to maintain relationships with these customers or loss of any customer would adversely affect the business.
There are outstanding legal proceedings involving the Company, Subsidiaries, Promoters and Directors, including civil matters aggregating ₹419.77 million and 12 tax proceedings aggregating ₹122.18 million. Adverse decisions could adversely affect the business.
The Company operates primarily in the irrigation and water supply projects segment and depends significantly on government contracts (79.07% of order book in Fiscal 2026). Changes in government policies or contract terms may adversely affect operations.
Operations are geographically concentrated in Gujarat and Madhya Pradesh, which together contributed 76.22% of revenue in Fiscal 2026. Any localised social unrest, natural calamities or adverse regulatory action in these states could materially affect the business.
Employee attrition rate was 23.94% in Fiscal 2026. Inability to manage attrition and attract and retain skilled professionals may adversely affect business prospects, reputation and future financial performance.
The Company is subject to anti-bribery, anti-corruption and sanctions laws and regulations, particularly relevant given significant government contract exposure. Any violation could adversely affect reputation, business, financial condition and results of operations.
LCC Projects IPO Details Live GMP
GMP
₹18
Est. Price
₹164
Est. Gain
12.33%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 04 Sep | ₹18 (12.3%) | ₹164 |
LCC Projects IPO Peer Comparison
(Rs. in crores)
| Particulars | LCC Projects | Vishnu Prakash | Enviro Infra |
|---|---|---|---|
| Revenue | 3,600.25 | 851.20 | 1,145.60 |
| PAT | 286.44 | -150.12 | 188.39 |
| EPS (₹) | 10.42 | -12.04 | 10.41 |
| NAV (₹) | 32.66 | 50.54 | 70.23 |
| RONW | 32.24% | -23.83% | 15.28% |
| EBITDA | 14.44% | -9.62% | 27.10% |
| PAT Mrgn | 7.96% | -17.64% | 16.44% |
| PE Ratio | 14.01 | - | 19.14 |
| Debt to Equity | 0.97 | 1.03 | 0.34 |
All information pertains to FY 2025-26.
The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of August 28, 2026 for Peers
LCC Projects IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Operations | 3,600.25 | 2,918.29 | 2,438.91 |
| Profit after Tax | 286.44 | 223.63 | 122.00 |
| Net Worth | 888.41 | 604.99 | 382.83 |
| Total Borrowing | 860.65 | 746.77 | 421.64 |
| Total Assets | 2,447.54 | 1,727.46 | 1,129.99 |
| NAV per share (in ₹) | 32.66 | 22.24 | 14.07 |
| EPS - Basic (in ₹) | 10.42 | 8.18 | 4.48 |
Key Performance Indicators (KPIs)
Debt to Equity
0.97
- All the data pertains to FY 2025-26.
- PE, PB, and market capitalization are calculated based on the Upper Price Band.
Financial Margin Trends
LCC Projects IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 3,600.25 | 2,918.29 | 2,438.91 |
| Other Income | 39.20 | 22.72 | 10.88 |
| Total Income | 3,639.45 | 2,941.01 | 2,449.79 |
| Construction Expenses | 2,947.03 | 2,399.29 | 2,069.69 |
| Employee Expense | 131.20 | 109.95 | 79.38 |
| Finance Costs | 96.17 | 80.15 | 49.89 |
| Depreciation | 45.36 | 27.36 | 19.06 |
| Other Expenses | 41.33 | 30.75 | 59.35 |
| Total Expenses | 3,261.09 | 2,647.48 | 2,277.37 |
| Profit Before Tax | 378.36 | 293.53 | 172.42 |
| Tax Expense | 91.92 | 69.91 | 50.43 |
| Profit After Tax | 286.44 | 223.63 | 122.00 |
| EPS — Basic (₹) | 10.42 | 8.18 | 4.48 |
| EPS — Diluted (₹) | 10.42 | 8.18 | 4.48 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 136.00 | 136.00 | 34.00 |
| Other Equity | 757.25 | 470.78 | 349.36 |
| Total Equity | 893.25 | 606.78 | 383.36 |
| Total Borrowings | 860.65 | 746.77 | 421.64 |
| Trade Payables | 260.54 | 103.14 | 171.76 |
| Other Liabilities | 433.10 | 270.78 | 153.22 |
| Total Equity & Liab | 2,447.54 | 1,727.46 | 1,129.99 |
| Fixed Assets | 187.98 | 182.84 | 134.29 |
| Trade Receivables | 455.82 | 250.17 | 156.62 |
| Cash & Bank Bal | 460.62 | 311.87 | 131.01 |
| Inventory | 247.93 | 201.35 | 135.62 |
| Other Assets | 1,095.19 | 781.24 | 572.46 |
| Total Assets | 2,447.54 | 1,727.46 | 1,129.99 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | 158.44 | 23.63 | 29.35 |
| Cash Flow from Investing Activities | -106.84 | -195.15 | -129.49 |
| Cash Flow from Financing Activities | 17.72 | 252.48 | 83.45 |
| Net Change in Cash & Equivalents | 69.32 | 80.95 | -16.69 |
| Cash & Equivalents at End of Period | 172.16 | 102.85 | 21.89 |
Contingent Liabilities
| Particulars | Amount (₹ Cr) |
|---|---|
| Claims against the Company not acknowledged as debt | 51.82 |
| Bank guarantees | 67.35 |
| Taxation matter – direct and indirect | 10.82 |
| Total | 129.99 |
Promoter Holding
Promoter
100.00%
Public
0.00%
Arjan Suja Rabari
41.00%
Laljibhai Arjanbhai Ahir
41.00%
Sejuben Arjanbhai Rabari
9.00%
Geeta Lalji Ahir
9.00%
Management
Arjan Suja Rabari
Age: 48
Chairman & MD
Remuneration
₹₹24.00 Cr p.a. (up to; entitlement w.e.f. April 1, 2026); received ₹13.00 Cr in FY26
Education
Passed the secondary school certificate examination from Gujarat Secondary Education Board (March 1995)
Prior Experience
Over 28 years of experience in civil engineering works, infrastructure development and project management; co-founder of the Company since December 2017
Laljibhai Arjanbhai Ahir
Age: 36
MD
Remuneration
₹₹24.00 Cr p.a. (up to; entitlement w.e.f. April 1, 2026); received ₹13.00 Cr in FY26
Education
Passed grade IX from Shri Sardar Patel Higher Secondary School, Kachchh, Gujarat
Prior Experience
Over 16 years of experience in business management, financial and operations management; co-founder of the Company since December 2017
Artiba Narpatsinh Jadeja
CFO
Remuneration
₹₹0.28 Cr received in FY26
Education
Bachelor's and Master's in Commerce (Gujarat University); Member of ICAI
Prior Experience
Served as internal auditor of the Company (April 2016 onwards); over 10 years of experience in finance; appointed CFO in December 2024
Registrar & Lead Managers
Registrar
KFin Technologies
Lead Managers (1)
Company Details
Name: LCC Projects Limited
Address: ‘B’ Wing,15th Floor, Privilon Building, Vikram Nagar Ambli-Bopal Road, Behind ISKCON Temple, Ahmedabad, Gujarat – 380058, India
Number: +91 79 4848 4453
Email: cs@lccprojects.com
Website: https://www.lccprojects.com
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Frequently Asked Questions (FAQs)
What is LCC Projects IPO?
LCC Projects IPO is a Mainboard IPO having an issue size of
₹427 Crs.
LCC Projects IPO is priced at
₹139 - ₹146 per
share.
The
issue opens on 09 Sep 26
and
closes on 11 Sep 26.
When will LCC Projects IPO open?
LCC Projects IPO opens on
09 Sep 26 and closes on
11 Sep 26.
What is the GMP of LCC Projects IPO?
The estimated Grey Market Premium of LCC Projects IPO is
₹18 per share (12.33%).
What is the lot size of LCC Projects IPO?
The minimum lot size of LCC Projects IPO is
102 shares & the minimum application amount
is
Rs.
14892.
When is the allotment of LCC Projects IPO?
The allotment date of LCC Projects IPO is
15 Sep 26.
What is the listing date of LCC Projects IPO?
The listing date of LCC Projects IPO is
17 Sep 26.
What is the subscription of LCC Projects IPO?
LCC Projects IPO is subscribed
-.
What is the price band of LCC Projects IPO?
LCC Projects IPO is priced at
₹139 - ₹146 per
share.
How to check allotment status of LCC Projects IPO?
Click the allotment link on LCC Projects IPO page of IPO360.
How to apply LCC Projects IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply LCC Projects IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply LCC Projects IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select LCC Projects IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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